Hamilton Point Buys 2 Omaha Properties
Northmarq secured more than $67 million in acquisition financing.
Hamilton Point Investments LLC has purchased two communities in Omaha, Neb. Acquisition financing, secured through Northmarq, totaled $67.3 million for both properties. Vantage at Coventry and Vantage at Stone Creek feature 588 units combined.
The acquisition loans have a seven-year term with three years of interest only. After that there is a 30-year amortization schedule for the floating-rate loans. Northmarq was able to lend the financing through its Optigo status as a Freddie Mac lender.
Vantage at Coventry, a 294-unit class A property in Elkhorn, was acquired through $31.7 million in loans. Completed in 2019, the property features a pool, media lounge, café, clubhouse and fitness center as well as dog parks, grills and storage and garage options. Individual homes include washers and dryers, a private balcony, kitchen island and in select units a fenced in yard.
According to Yardi Matrix data, the asset is 96.9 percent occupied. It consists of studio, one-, two- and three-bedroom homes ranging from 494 square feet to 1,198 square feet.
Situated at 5575 S. 206th Court, Vantage at Coventry is on the western side of Omaha in the countryside. Some 2.4 miles away is the 180th Plaza shopping center and 6.9 miles away is the Two Rivers State Recreation Area. Omaha is easily accessible for residents through Highway 6, Dodge Street and Interstate 680. Three higher learning institutions and dining, retail and entertainment options are in a short distance.
The rest of the financing, $35.6 million, went toward Vantage at Stone Creek, a 294-unit property completed in 2019. Situated at 6610 N. 155th Court in Omaha, residents have access to downtown through the same highways and streets as Vantage at Coventry. Within a 5 minute drive is the Stone Creek Plaza, West Point and Standing Bear Plaza with entertainment, retail and dining options. Outdoor and green space nearby include the Glenn Cunningham Lake Park, Stone Creek Golf Course, Flanagan Lake Park and Standing Bear Lake. A nearby high school was recently completed in 2022.
Vantage at Stone Creek has studio, one-, two- and three-bedroom layouts. The community includes a pool, clubhouse, grocery service, business center, cleaning service, lounge, conference room, fitness center, golf course and walking and biking trails. Individual homes feature washers and dryers, balconies, porches, lawns, walk-in closets and recreation and den rooms.
John Reed, managing director of Northmarq’s Omaha debt and equity office, arranged the loan on behalf of Hamilton Point Investments.